Revolut is a financial technology company HQed in London, though British users should be aware that Revolut does not have the status of a bank in the UK. However, if you’re willing to look beyond the restrictions this imposes, Revolut has a great deal to offer users.
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Does Revolut support business banking?
Yes, you can open a business bank account with Revolut.
If you’re interested in using Revolut for your business needs, ensure you choose this account – it varies from the options open to personal customers.
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As with personal Revolut accounts, you will manage your company’s financial affairs using the Apple or Android app – it is an online-only organisation.
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What business banking accounts does Revolut offer?
There are two primary business accounts available to business customers on Revolut – one designed for freelancers, and another referred to as a company account.
Both offer a plastic debit card and digital debit card that can be used in conjunction with Apple Pay or Google Pay. You will also be able to accept card payments from Visa and MasterCard using the Revolut app.
Revolut Company Account
There are four tiers to the Revolut Company Account:
- Free, which as the name suggests attracts no monthly fees, but you will pay for every transaction you make.
- Grow, which is charged at £25 per month and offers 10 free international payments, 100 free local payments, and one metal debit card.
- Scale, which is charged at £100 per month and offers 50 free international payments, 1,000 free local payments, and two metal debit cards.
- Custom, which is arranged upon discussion with Revolut and tailored to your business needs. This account also offers a dedicated account manager.
All of these accounts offer the ability to run payroll through the app (at a cost of £3 per employee,) the ability to link your Revolut account to bookkeeping software, and 24/7 customer support. Paid accounts also attract rewards and API integration.
Revolut Freelancer Account
If you’re a sole trader, you can choose from three accounts.
- Free, which as the name suggests attracts no monthly fees and offers 5 free local payments, but you will pay for every other transaction you make.
- Professional, which is charged at £7 per month and offers 5 free international payments and 20 free local payments.
- Ultimate, which is charged at £25 per month and offers 10 free international payments, 100 free local payments, and one metal debit card.
All of these accounts offer the ability to run payroll through the app (at a cost of £3 per employee,) the ability to link your Revolut account to bookkeeping software, and 24/7 customer support. Paid accounts also attract rewards and API integration.
Is my company eligible for a Revolut business bank account?
Revolut Business will not run a credit check when you apply for an account, so if you provide the appropriate information that you’re asked for upon application, you will likely be accepted.
Revolut will ask for some information about your trading practices and business models. If you are considered to provide an inappropriate risk, your account may be declined.
The usual business models will fall into this category – adult sites, or those that deal with gambling, pharmaceuticals, or financial services, may face a challenge. Unlike some challengers, though, Revolut does permit cryptocurrency trading.
How do I set up a Revolut business bank account?
Download the Revolut app on your smartphone and tablet and complete your application there. It should only take around 10 minutes, and you’ll likely receive a swift response.
What are the advantages of setting up a Revolut business bank account?
Revolut is among the most flexible of all e-business accounts, offering more features than most rivals. The ability to use the account overseas at a highly competitive exchange rate is particularly welcome.
It doesn’t take long to set up a Revolut Business account – you may well be up and running the same day that you make your application, which only takes around 10 minutes.
Paid accounts attract rewards from external businesses, and bolt-ons mean that you can access all manner of additional features related to managing the financial side of a business.
What are the drawbacks of setting up a Revolut business bank account?
Revolut is not officially a bank, so while they are regulated by the FCA, you will not necessarily have your funds protected if you are a victim of fraud.
You cannot pay cash or cheques into a Revolut account – all transactions must be conducted via card or bank transfer. Fees will be leveraged every time you do so, and whenever you make a transaction outside your allocation of free actions.
Revolut Business accounts do not offer lending streams such as a business overdraft.
What fees are involved with running a Revolut business bank account?
Alongside the membership fees that we have profiled previously, there are numerous charges that will apply when you use an account through this provider. These break down as:
| Type of transaction | Fee or charge |
|---|---|
| Making payments in the UK | 20p per transaction |
| Accepting £GBP online card payments | 1% of transaction total, plus 20p |
| Accepting overseas online card payments | 2.8% of transaction total, plus 20p |
| Accepting £GBP card payments in person | 0.8% of transaction total, plus 2p |
| Accepting overseas card payments in person | 2.6% of transaction total, plus 2p |
| ATM Withdrawals | 2% of total withdrawal |
Choose your account carefully if you wish to use Revolut, as you may end up paying more than you expected. In general terms, Revolut is among the costlier app-based banks – compare costs with rivals like Mettle, Countingup, Starling Bank, Tide, or Monzo before committing to Revolut.
What is Revolut’s reputation among business banking customers?
Revolut is firmly established in the online realm, with a TrustPilot score of 4.3 from 5 drawn from over 125,000 reviews. This is considered Excellent. Positive reviews primarily revolve around the flexibility of a Revolut account, especially for people that need to use their account overseas, while customer service is also widely praised. Complaints arise, as is always the case, but they are greatly outweighed by grateful missives.
Summary
Revolut is arguably the most versatile of all online bank accounts, but it’s also among the most expensive. Sole traders and freelancers will likely find more value elsewhere, but SMEs at the higher end of the business spectrum – especially those that trade overseas regularly – may find Revolut ideal for their needs.